Greencore chief’s remuneration falls by a third to €3m

Food company led by Patrick Coveney raising €522m capital for major US acquisition

Greencore chief executive Patrick Coveney's total remuneration fell by almost a third to £2.52 million (€3 million) in the year to September, as share awards under a long-term incentive plan dropped.

While Mr Coveney’s salary rose to £610,000 from £581,000, shares issued under a performance share plan fell to £881,000 from £2.28 million. He also receives other benefits and an annual bonus, split by cash and a deferred share award.

Greencore is currently raising €522 million through a rights issue to help fund a transformational US deal, the purchase of Peacock Foods for $747.5 million (€706.4 million), which will quadruple its sales in the country.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times